Principal Reduction Alternative, or PRA, encourages your mortgage lender to reduce the amount you owe. Currently there are over 100 loan servicers participating in this program. Program Qualifications. To qualify for PRA, you must meet certain eligibility requirements: Your loan is not a Fannie Mae or Freddie Mac loan.
Guaranteed Rate Owner Guaranteed Rate Field replaces Cell as White Sox' home. – Beginning on Nov. 1, the White Sox’ South Side home will go from U.S. Cellular Field to Guaranteed Rate Field after the club signed a 13-year naming-rights agreement with the Chicago-based.Fha Program Guidelines Reverse mortgage industry voices concerns Over FHA’s HECM Proposals – “Rather than attack senior citizens in association lien priority jurisdictions, FHA should ensure compliance from the lending community with program rules and guidelines concerning foreclosure,
New Government Refinance and Home Purchase Programs Now Available [Update – The Fed has been compressing mortgage interest rates on Fannie Mae, Freddie Mac, FHA, VA, and USDA mortgages for some time now.Due to those efforts and other market factors, interest rates most 15-30 year fixed government-backed mortgages remain quite low by historical standards.
Help is a Phone Call Away > HUD-approved housing counseling agencies are available to provide you with the information and assistance you need to avoid foreclosure. Call 888-995-HOPE (4673) to speak with an expert about your individual situation.
Government Mortgage relief programs loan Modification. The purpose of a mortgage loan modification is to get your monthly payment to a more affordable level. An "affordable" mortgage payment is typically defined as 31% of the borrower’s monthly gross income. This is achieved by modifying one or more components of your mortgage:
A mortgage that is not obtained under a government program (FHA or VA) and satisfies the underwriting guidelines and loan limits set by Fannie Mae or Freddie mac. variable interest rate An interest rate that may fluctuate or change periodically, often in relation to an index, such as the prime rate or other criteria.
CBCMA provides down payment assistance through its Chenoa Fund program to thousands of borrowers who need help obtaining a home mortgage. that has allowed us to improve the lives of Band.
Key Facts. Treasury, under TARP, launched Making Home Affordable (MHA), to provide mortgage relief to homeowners and prevent avoidable foreclosures.; The cornerstone of MHA was the home affordable modification Program (HAMP ), which permanently reduced mortgage payments to affordable levels for qualifying borrowers.
Find the answers to your questions on the Principal Reduction Alternative under the Home Affordable Modification Program (HAMP), which was established to help distressed homeowners lower their monthly mortgage payments. The Principal Reduction Alternative does not apply to loans that are owned or guaranteed by Fannie Mae or Freddie Mac.